USA and Canada claim victory as NAFTA saved at the last

The flags of Canada, Mexico and the US are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City on March 5.

Jersey cows at Silver Spring Farm in Syracuse.

The latest trade agreement, with the United States and Mexico, continues tariffs the USA imposed last spring on Canadian steel and aluminum, prompting the industry to criticize the government for selling out the sector.

Federal Finance Minister Bill Morneau says Canada's new trade deal will bring more economic stability, even as the government works to fairly compensate dairy farmers and deal with the dissatisfied steel and aluminum industry. The USMCA, according to the Canada dairy association, not only gives more access to the Canadian dairy market, but it also "lets the Americans dictate" Canada's dairy policies.

As reported by Bloomberg, unnamed sources close to the talks reveal that the U.S. is "confident" that a deal will be reached between Canada, Mexico, and the USA before a US-imposed deadline of midnight Sunday. "So by eliminating that, we're hopeful that those products will again be allowed to be exported into Canada".

"This is a bad outcome for dairy farmers and the whole dairy sector", concludes an announcement on the DFC webpage. Then it's likely to be taken up in Congress next year.

The USMCA is a win for Utah businesses who depend on stable commerce with Canada and Mexico.

"Our economies have evolved in the almost 25 years since NAFTA was signed, and the Trump Administration deserves credit for reaching a modern, improved agreement with our two most important trading partners".

Earlier, White House trade adviser Peter Navarro said on Fox News Channel's "Sunday Morning Futures" that by Monday morning 'you will have some news one way or another that will.be big and perhaps market-moving'.

Pointing to his combative attitude towards China - with which the United States is engaged in an escalating trade war - Trump said his strategy was bearing fruit and that "China wants to talk very badly".

The specific clause that sets up the veto is called Section 32.10, and it would apply to all three signatories to the trade deal once it's ratified. "China hit back at that, with a foreign ministry spokeswoman saying on Wednesday that China would respond accordingly if the US insisted on unilateral measures".

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